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Belgian royals join austerity drive

Belgian royals join austerity drive

King Albert says he is joining all Belgians in the austerity drive aimed at keeping the budget within limits set by the European Union.
In a rare public statement on his finances, the king said on Monday that he wants the freeze the money he gets from the state and use an automatic inflation adjustment he gets every year on upkeep of the royal properties, costs that are normally borne by the government.
The Belgian government is in trouble to keep its annual budget within the 3 percent of economic output demanded by the EU and is risking steep sanctions if it doesn't.
The government has promised to cut its budget deficit to 2.8 percent this year, from around 3.6 percent in 2011. But the European Commission believes the Belgian government won't be able meet this target unless tax revenues or spending cuts are increased.


Updated : 2021-05-17 03:48 GMT+08:00